Bitwise Updates NEAR ETF with Staking, NEAR Rallies

Bitwise adds staking to spot NEAR ETF filing

Bitwise has submitted a second amendment to its S-1 registration for a proposed spot NEAR ETF, introducing staking as a secondary objective alongside the fund's primary goal of tracking the market value of NEAR held in trust. The revision also specifies NYSE Arca as the intended listing venue and names The Bank of New York Mellon as cash custodian, administrator and transfer agent, while Coinbase Custody is listed to safeguard the fund's digital assets. The proposal remains subject to SEC approval and Bitwise has yet to disclose the ETF's ticker or management fee.

The updated filing deepens the disclosures on staking-related tax treatment, redemption liquidity and crypto market risks, reflecting growing attention to operational and regulatory nuances for tokenized investment products. Institutional custody, staking mechanics and tax clarity are central considerations for asset managers seeking SEC approval for spot crypto ETFs.

NEAR price reacts: breakout coincides with filing

NEAR Protocol's native token climbed nearly 12% on July 3, reaching roughly $2.04, a move that coincided with Bitwise's filing amendment and a technical breakout from a multi-week downtrend. While regulatory filings are rarely the sole driver of market moves, the timing gave traders additional reason to buy as the token confronted key resistance levels.

Technical setup: trendline, Fibonacci and momentum

On the four-hour chart, NEAR cleared a descending trendline that had capped rallies since a mid-June peak near $2.56. The breakout pushed price above the 61.8% Fibonacci retracement level at about $2.04 — a commonly watched level for confirmation of buyer control after a correction. Momentum indicators also shifted in favor of bulls: MACD retained a bullish crossover with a rising positive histogram and the Aroon indicator registered Aroon Up near 100 and Aroon Down around 14, signaling short-term buyer dominance.

If buyers sustain momentum, the next resistance cluster sits near $2.14 and $2.24, followed by $2.36. A successful advance past those zones could set the stage for a retest of the late-June high around $2.56, while the prior breakout area near $1.90 now functions as immediate support.

NEAR 4-hour price chart — July 3 

Analyst views and market structure

Prominent crypto analyst Michaël van de Poppe said he added to his NEAR position around $1.82, viewing recent weakness as an attractive accumulation opportunity. He argued that NEAR appears to be 'clearly breaking back into an uptrend' after defending support near €1.70 (about $2.00) and suggested a potential move toward €2.20–€2.30 (roughly $2.58–$2.70) if that support holds.

Van de Poppe's view aligns with the improving chart structure: after several weeks of lower highs, NEAR established a higher low, reclaimed the 61.8% Fibonacci level and pierced descending resistance. Nevertheless, sustained buying volume is required to validate a durable trend reversal.

What traders are watching

Traders will monitor whether NEAR can maintain the breakout above the Fibonacci level and the trendline while watching order flow around the $2.14–$2.36 resistances. On-chain metrics and staking inflows could also influence sentiment if the market perceives the ETF's staking feature as a path to additional returns for holders or the trust.

Institutional interest: Bitwise joins a growing field

Bitwise's amended filing is one sign that institutional interest in regulated NEAR investment vehicles is growing. Grayscale has also advanced an amended registration statement for its own proposed spot NEAR ETF, adding another major issuer to the race to provide regulated exposure to NEAR Protocol for institutions and retail investors.

By naming established financial firms such as NYSE Arca and BNY Mellon and integrating Coinbase Custody, issuers are attempting to address custody, liquidity and operational questions that have been focal points for the SEC. Staking as a secondary objective aims to balance potential yield opportunities against the compliance and tax implications that come with validator participation and rewards distribution.

Implications for NEAR and the broader crypto ETF market

If the SEC greenlights these proposals, spot NEAR ETFs could attract fresh institutional flows and offer a regulated on-ramp for investors seeking exposure to the NEAR blockchain without direct custody. Such products may also increase demand for NEAR tokens if funds allocate capital and engage staking mechanisms as specified in their prospectuses.

However, approval is not guaranteed and could hinge on how issuers demonstrate investor protections, disclosure around staking rewards and redemption liquidity. Market participants should weigh the potential for increased institutional adoption against regulatory uncertainty and typical crypto market volatility.

Outlook

Bitwise's staking-inclusive amendment and corroborating moves by other asset managers have improved NEAR's near-term narrative, pairing regulatory progress with a favorable technical setup. If momentum holds and institutional filings continue to advance, NEAR could see sustained interest from fund managers and traders alike — but confirmation will depend on trading volumes, on-chain indicators and the SEC's final decisions.

For readers tracking blockchain assets, the developments are a reminder that ETF filings, custody arrangements and staking policies now play a larger role in crypto price discovery and institutional adoption.